RBI publishes upper-layer NBFC list for FY27, status quo on Tata Sons | Finance News
The Reserve Bank of India (RBI) has published the list of non-banking financial companies (NBFCs) in the upper layer for the year 2026-27.
Tata Sons continues to be in the upper layer, with the regulator stating that its inclusion in the list is without prejudice to the outcome of its application for de-registration, which is under examination. The regulator had mentioned the same in the last such list published in January 2025.
RBI said a review of the criteria for identification of NBFC-UL was undertaken during 2025-26 and, hence, the list of NBFC-UL for the year 2025-26 was not issued.
The current criterion for identifying an NBFC in the upper layer is at least Rs 1 trillion of assets under management. NBFCs in the upper layer are subject to enhanced regulatory requirements.
“Subsequent to the issue of the revised criteria, the list of NBFC-UL for the year 2026-27 has been prepared based on the revised criteria,” RBI said while publishing the list.
There are 17 NBFCs in the list this time, compared with 15 in FY25 and FY24.
REC Ltd, Power Finance Corporation and Indian Railway Finance Corporation have been added to the list.
PNB Housing Finance and Sammaan Capital were identified as NBFC-UL in previous exercises but do not meet the criteria in the current exercise. According to the norms, once an NBFC is classified as NBFC-UL, it shall be subject to enhanced regulatory requirements for at least five years from its classification in the layer, even if it does not meet the criteria in subsequent years. As a result, PNB Housing Finance and Sammaan Capital, though they do not feature in the FY27 list, continue in the upper layer.
Some of the other NBFCs in the list are Bajaj Finance, Shriram Finance, LIC Housing Finance and Tata Capital, among others.
